How To Sell Pi Coin: A Step-By-Step Guide

Pi Network has recently reached 60 million users ahead of its mainnet launch. In the past few years, PI coin has been one of the most popular topics in crypto. The project’s popularity has led Pi Coin to achieve a market cap of over $2.36billion as of August 2024.

So, if you’re looking to invest in PI or currently hold the token, you now might be thinking about how to sell my Pi Coin in 2024, or how to sell Pi Coin from the Pi app. So let’s find out.

Key takeaways

• Pi Coin is a mobile-mined cryptocurrency developed to democratize crypto access.
• Users mine Pi Coin using the Pi Network app on their smartphones.
• You need a secure wallet, set up via the Pi Network app, to store your Pi Coin.
• The Pi Network uses the Stellar Consensus Protocol for decentralized transaction validation.
• You can sell Pi Coin through peer-to-peer transactions, trading IOUs, or using payment platforms like PayPal.
• Awaiting the Pi Network mainnet launch in 2024 which will enable trading Pi Coin on major exchanges.
• Be cautious of scams and ensure secure transactions when selling Pi Coin.

You Can “Sell” Pi Coin on HTX via IOUs!

Pi coin has not been listed anywhere officially yet, but there are exchanges that are willing to trade via IOUs. An IOU is basically a signed document that acknowledges debt. So, for example if you “sell” Pi coin on HTX, they may give you an IOU instead of actual cash.

The document signifies that the exchange owes you money once they are able to get it from your Pi coins. This is not actually the act of selling your Pi, but it’s a start before developers approve listings on exchanges.

Visit HTX to sell Pi Coin!

What is Pi Network?

Pi Coin is a cryptocurrency that allows users to mine it on their mobile devices. Developed by Stanford graduates, it aims to make cryptocurrency mining accessible to everyone. Unlike traditional cryptocurrencies, Pi Coin doesn’t require significant computational power, making it user-friendly and energy-efficient.

The Pi Network was developed by a team of Stanford graduates: Dr. Nicolas Kokkalis, Dr. Chengdiao Fan, and Vincent McPhillip. These founders combined their expertise in blockchain technology, social computing, and business to create a cryptocurrency that would be accessible to everyone. Their goal was to overcome the barriers that prevented ordinary people from participating in the cryptocurrency revolution.

The primary motivation behind Pi Network was to democratize access to cryptocurrency. Traditional cryptocurrencies like Bitcoin have become increasingly difficult to mine, requiring specialized hardware and significant energy consumption. This has made it nearly impossible for average individuals to mine cryptocurrencies and benefit from their potential.

Pi Coin was designed to address these challenges by allowing users to mine coins using their smartphones, thereby making cryptocurrency accessible to a much broader audience.

Selling Pi Coin on exchanges

As Pi Network transitions to its mainnet phase, you will be able to sell Pi Coin on cryptocurrency exchanges. Here’s how to sell Pi Coin:

1. Create an account on an exchange: Choose a reputable exchange that supports Pi Coin. Some popular options include HTX and BitMart.
2. Transfer Pi coin to your exchange wallet: Use the Pi Network app to transfer your coins to the exchange wallet. Ensure you follow all security protocols to avoid any loss.
3. Place a sell order: Decide the amount of Pi Coin you want to sell and place a sell order on the exchange. You can choose between a market order (selling at the current market price) or a limit order (selling at a specific price).
4. Complete the transaction: Once your sell order is fulfilled, you will receive the corresponding amount in your exchange wallet. Transfer the funds to your bank account or another secure wallet.

History of Pi Coin

Pi Coin was launched on 14 March 2019 (Pi Day) with the release of the Pi Network app. The initial phase focused on growing the user base and building a strong community. During this phase, users could mine Pi Coin by simply pressing a button on the app once every 24 hours.

The second phase began in March 2020, introducing a testnet to facilitate the transition to a fully decentralized blockchain. This phase allowed the team to test the network, implement security measures, and make necessary adjustments based on user feedback.

As the network continued to grow, the team focused on enhancing the app’s features, improving security, and preparing for the mainnet launch. The mainnet phase, which represents the final stage of the project’s development, aims to establish a fully decentralized and autonomous network. This phase will allow users to trade Pi Coin on various exchanges and utilize it for real-world transactions.

Key features of Pi Coin

1. Mobile mining: Users can mine Pi Coin using their smartphones without draining their battery or data. This feature makes it accessible to a wide range of users.
2. Consensus algorithm: Pi Network uses the Stellar Consensus Protocol (SCP), which relies on a network of trusted nodes to validate transactions. This approach is more energy-efficient and scalable compared to traditional proof-of-work algorithms.
3. Accessibility: By allowing users to mine Pi Coin on their smartphones, Pi Network aims to democratize access to cryptocurrency and increase global adoption.
4. Community building: Pi Network emphasizes community engagement and growth. Users can increase their mining rate by inviting others to join the network and actively participating in the community.

Getting started with Pi Coin

To find how to sell Pi Coin in 2024, download the Pi Network app from your mobile device’s app store. Available for both Android and iOS, the app is easy to install and use. Once installed, create an account by following the on-screen instructions, which include verifying your phone number and setting up your profile.

After setting up your account, you can start mining Pi Coin by simply pressing a button once every 24 hours. The app doesn’t consume significant battery or data, making it a convenient way to participate in the cryptocurrency mining process without the need for specialized hardware or extensive technical knowledge.

Learning how to sell Pi Network coin effectively starts with understanding how to mine and accumulate it.

Setting up a wallet for Pi Coin

Before you can sell Pi Coin, you need a secure wallet to store it. Pi Network provides an in-app wallet, which is the safest and most convenient option. Follow these steps to set up your wallet:

1. Open the Pi Network app.
2. Navigate to the wallet section.
3. Follow the instructions to create your wallet.
4. Backup your wallet passphrase securely.

The wallet passphrase is crucial for accessing your Pi Coin, so store it in a safe place. Losing the passphrase means losing access to your funds, which will be problematic when you want to know how to sell Pi Coin from Pi app.

Understanding the Pi Network

The Pi Network is a decentralized blockchain that uses the Stellar Consensus Protocol (SCP). This protocol relies on a network of trusted nodes to validate transactions, ensuring security and scalability. As a user, you contribute to this network by building trust circles with other users.

Trust circles enhance the security and integrity of the Pi Network. By adding trusted contacts to your security circle, you help create a reliable network of validators. This decentralized approach ensures that no single entity has control over the entire network, making it more secure and resilient.

Mining Pi Coin

Mining Pi Coin is simple and doesn’t require technical knowledge. Open the Pi Network app and tap the mine button daily. Your mining rate increases by inviting others to join the network and participating actively. Unlike traditional mining, Pi Coin mining doesn’t consume significant energy or resources.

Increasing your mining rate

To maximize your earnings, engage with the community and invite others to join the Pi Network. The more active and trusted your network, the higher your mining rate. This incentivizes community building and ensures the network’s growth and security.

Accumulating Pi Coin

Accumulating Pi Coin involves consistent daily mining and expanding your network. The more users you invite, the higher your mining rate. Engage with the community to understand the best practices and stay updated on any changes or improvements within the network.

1. Daily mining: Ensure you press the mine button every day to keep your mining session active.
2. Invite others: Increase your mining rate by inviting friends and family to join the network.
3. Engage with the community: Participate in Pi Network discussions and activities to stay informed and involved.

Establishing trust in the Pi Network

Trust is crucial in the Pi Network. By adding trusted contacts to your security circle, you enhance the network’s security and your mining rate. Choose trustworthy individuals and encourage them to participate actively. A robust security circle boosts the network’s integrity and your earnings.

Building a strong security circle

1. Invite trusted contacts: Add friends and family who you trust to your security circle.
2. Encourage active participation: Ensure your security circle members are active in mining Pi Coin.
3. Expand gradually: Start with a small, trusted group and gradually expand as you build more trust within the network.

Factors to consider when selling Pi Coin

When selling Pi Coin, consider the following factors:

1. Market conditions: The value of Pi Coin can fluctuate based on market demand and supply. Monitor the market closely to sell at an optimal price.
2. Exchange fees: Be aware of the transaction fees charged by the exchange. These fees can vary and impact your net earnings.
3. Security: Ensure you use secure platforms and follow best practices to protect your assets from potential threats.
4. Regulations: Stay informed about the legal regulations regarding cryptocurrency in your region. Compliance is crucial to avoid any legal issues.

Tips for selling Pi Coin successfully

To sell Pi Coin successfully, follow these tips:

1. Stay informed: Keep up with the latest news and updates about Pi Network and the cryptocurrency market.
2. Set realistic goals: Understand your financial goals and set realistic expectations for selling your Pi Coin.
3. Diversify your portfolio: Don’t rely solely on Pi Coin. Diversify your investments to mitigate risks.
4. Use trusted exchanges: Only use reputable and trusted exchanges to ensure the safety of your transactions.

By following these tips, you’ll be better prepared to understand how to sell Pi Coin from Pi app and how to sell Pi Coin on Binance and various other exchanges when it fully launches.

When will the Pi Network mainnet launch?

Pi Network’s mainnet launch has been one of the most emancipated events across the crypto community. Last December the team set clear and comprehensive criteria for launching the mainnet in 2024. While the launch is yet to happen, Pi Network has made significant progress towards pre-determined launch criteria. Here’s a detailed look at the current progress.

What is the Pi Network mainnet?

The Pi Network mainnet is the fully decentralized blockchain where Pi Coins will exist independently, separate from the initial testnet environment. Transitioning to the mainnet means that Pi Coins can be freely transferred, traded, and used within the Pi Network ecosystem and beyond.

For Pi Coin holders, the mainnet is crucial because it transforms their Pi Coins from a conceptual digital asset into a tangible cryptocurrency that can be exchanged for other currencies, used in transactions, or deployed in decentralized applications. This stage unlocks the true value and utility of Pi Coins, marking a significant milestone in the project’s development.

Pi Network’s initial criteria for the Open Network period

To transition to the Open Network period of the mainnet launch, Pi Network set forth several critical milestones. These criteria were designed to ensure the ecosystem’s readiness and stability before allowing full-scale access. The key prerequisites included:

1. KYC milestones: A significant goal before the mainnet launch is to achieve 15 million KYC-verified users and migrate over 10 million Pioneers to the mainnet blockchain. Additionally, the development of at least 100 high-quality, diverse utilities and applications was crucial to establishing Pi’s viability as a currency.
2. Optimal external conditions: Given its global scope, Pi Network’s success is intertwined with broader geopolitical and regulatory environments. The team emphasized that factors such as geopolitical stability, regulatory developments, and the absence of global crises would play a decisive role in determining the precise timing of the Open Mainnet launch.

Current progress towards mainnet launch

As of August 2024, Pi Network has made considerable progress toward meeting its initial criteria for the Open Network period:

• KYC verification and migration: The network has surpassed 13 million KYC-verified users, with approximately 5.79 million already transitioned to the mainnet. This achievement marks significant progress toward the 15 million KYC-verified users and 10 million migrations needed.
• Application development: Pi Network now hosts 70 real and distinct Pi applications, either fully operational on the mainnet or in advanced stages of readiness. These applications contribute to the broader ecosystem, offering utilities and services that enhance the Pi Network’s overall value.
• Technological and operational readiness: The technical roadmap is largely in place, with ongoing efforts to further enhance security, scalability, and decentralization. The network’s cautious approach to the Open Mainnet launch reflects its commitment to maintaining the integrity and stability of the ecosystem.

Pi Network will ensure transparency and inclusivity

Recent reports have surfaced regarding Pi Network’s potential crackdown on Pi Coins mined by bots, scripts, and inactive accounts. According to unverified information, Pi Network may choose not to transfer these coins to the mainnet. Instead, these unclaimed coins might be “freed up” for active users to mine, reinforcing the network’s commitment to rewarding genuine activity.

If implemented, this policy could significantly reduce misuse within the network, ensuring that only legitimate users benefit from the mainnet transition. By excluding bot-mined and inactive accounts from the mainnet migration, Pi Network aims to maintain the ecosystem’s integrity, enhance fairness, and provide additional mining opportunities for active Pioneers. Although this move is not yet officially confirmed, it reflects Pi Network’s broader strategy to build a robust and honest community-driven ecosystem.

How the mainnet launch will simplify selling Pi Coins

• Enables coin transfers: The mainnet launch allows Pi Coin holders to freely transfer their coins to external wallets, making it possible to sell them on cryptocurrency exchanges.
• Exchange listings: Once on the mainnet, Pi Coins can be listed on major cryptocurrency exchanges, providing liquidity and access to buyers.
• Direct fiat conversion: Mainnet integration supports direct conversion of Pi Coins to fiat currencies through exchanges, streamlining the selling process.
• Increased demand: As the mainnet boosts Pi Coin’s utility and recognition, demand is likely to rise, making it easier for holders to find buyers.
• Integration with dApps: The mainnet supports decentralized applications (dApps), creating more avenues for spending or selling Pi Coins within the ecosystem.

Final thoughts

How to sell Pi Network coin involves understanding its origins, setting up a secure wallet, mining efficiently, and navigating the right platforms for transactions.

By comprehensively knowing the Pi Network, establishing trust within it, and being aware of market conditions and security protocols, you can maximize your returns.

Stay informed, set realistic goals, and diversify your investments to ensure successful trading.

Further reading:
What Is Pi Coin?
Will The Pi Network Ever Launch?

Frequently Asked Questions

1. 01.

   Can Pi coin be sold?

   

   Currently, Pi Coin cannot be sold directly on major cryptocurrency exchanges because the Pi Network mainnet has not been officially launched yet. However, you can sell Pi Coin through peer-to-peer (P2P) transactions, either online or offline, but be cautious of scams.

2. 02.

   Can you convert Pi Coin to cash?

   

   Yes, you can convert Pi Coin to cash by trading it peer-to-peer or through Pi Coin IOUs on some exchanges. Another option is to use PayPal or similar payment platforms to convert Pi Coin to cash.

3. 03.

   How can I sell my PI for money?

   

   To sell your Pi Coin for money, you can use peer-to-peer transactions, trade Pi Coin IOUs on certain exchanges, or use payment platforms like PayPal to convert your Pi Coin to cash. Waiting for the official listing on major exchanges will also provide a straightforward way to sell.